Jet Airways flies over 6% as Q2 net profit rose to Rs 70 crore

NEW DELHI: Jet Airways Ltd surged as much as 6.2 per cent in trade on Monday, after the airliner swung to a net profit in July-September after six straight loss-making quarters.

The airline posted a net profit of Rs 69.82 crore compared to a loss of Rs 891.01 crore in the same period last year.

At 09:35 a.m.; Jet Airways was trading 4 per cent higher at Rs 261.50. It hit a low of Rs 260.50 and a high of Rs 267.15 in trade today.

Sales increased 16% to Rs 4,402.76 crore. Jet Airways had last year sold its privilege programme to its strategic partner Etihad Airways as part of a deal under which the Abu-Dhabi based carrier also bought 24% stake in Jet for Rs 2,059 crore, ET reported.

Apart from Q2 results, Jet Airways' commercial alliance with Abu Dhabi-based Etihad, including a Rs 2,060-crore stake sale, has received approval from the Competition Commission of Singapore.

Over a year after the deal being announced in April 2013, the Singapore regulator announced in June this year that it has launched a public scrutiny of Jet-Etihad alliance to probe any possible violation of competition laws in the country, said a PTI report.